Apple fans rejoice: the next addition to your iCollection -- the so-called "iWatch" -- will reportedly be available later this year.

Apple has been testing designs for a smart watch, which would act like a small-scale iPhone. According to Bloomberg, the wearable device will be available later this year and will run iOS.

Apple is currently tweaking certain features, such as increasing battery life to last four or five days (it currently only lasts a couple of days) and working on the iPhone's iOS so it can support the device. Apple also wants to build the watch's iOS from the ground up instead of starting with the iPod nano's touch operating system (which has a screen about the size of a watch).

Last month, a patent application for a "Bi-stable spring with flexible display" was filed by Apple in 2011. It described a bi-stable spring that would be made out of thin steel and wrapped in fabric covering, then heat-sealed. The display would be located on one side of the bracelet (overlaid with an adhesive) and the logic board and battery would be placed on the other side. It also showed a universal fit, a plethora of onboard sensors, wireless charging, etc.

No matter what the end result is, Bloomberg believes Apple could rake in the cash on this new venture. In fact, the report stated that the iWatch could be more profitable than the TV it's been working on.

According to Bloomberg, the global watch industry will generate over $60 billion in sales in 2013, where gross margins are about 60 percent. The TV industry will generate about $119 billion in sales this year, but with gross margins about four times less than watches. If Apple were to take a 10 percent share in each market, it'd be a gross profit of $3.6 billion for watches and $1.79 billion for TVs.

I could see potential in this, and I hate that Apple is getting the credit to respawn a "smart" watch, when years ago casio made one with a cellphone built in(perhaps ahead of its time and without the "style" factor of Apple).

I would imagine this is like their ipod nano with a full touch screen.... and I hate to say what I will say... but can you imagine if this was a phone that relied more on bluetooth. Yes, you would always have to wear a headset to get the full use of it, but think about it... the way we're headed, we have to drive "hands free" in the U.S. anyways, and how many people jog while using a smartphone device.